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Local Clinic Declares Best Financial Performance in Statement from CEO

You are currently viewing Local Clinic Declares Best Financial Performance in Statement from CEO
Financial Performance is Outstanding for Clinic
  • Post category:News

Local clinic in Cleveland despite COVID-19 pandemic challenges has found a silver lining. In fact, In 2021, the Cleveland Clinic for the first time has exceeded 10 million patient visits. It has had a 17% increase in overall clinical activity. This is really unprecedented level of activity during the COVID-19 pandemic that has led to income of $746 million, or a 6% operating margin, and a 17% increase in revenue.

Local Clinic – More Patients Served

“In fact, we have served more patients than ever. This has really yielded our finest financial performance remarkably, during the COVID-19 pandemic,” said Clinic CEO and president Dr. Tom Mihaljevic. He said during his “State of the Clinic” annual address Wednesday.

Also, the health system is going to spend $1.3 billion on future building projects. There is nearly half of that sum which will be used to update existing facilities, he did announce the Projects that will include the opening of Mentor Hospital next year. Plus the expansion of the Cole Eye Institute.

Healthcare Crisis

“The greatest healthcare crisis in generations” is what the COVID-19 pandemic is being called. Also, Mihaljevic did acknowledge the strain that the pandemic has placed on the hospital system and caregivers.

“In fact, we are used to emergencies in this profession. Also, we have never been asking to handle a crisis for two years at work and at home,” he said.

There are comments from Mihaljevic and video presentations that celebrated a year of achievements in patient care, research, philanthropy, and building projects. It was connecting to the Clinic’s State of Clinic address.

There are many projects which have already received the attention they include a 20-year study to learn about brain disease. Plus a $52.5 million contribution to the city of Cleveland’s Lead Safe Cleveland Coalition. Plus a partnership that will break ground on a $52.8 million grocery store. In addition to an apartment complex in a nearby city.

The Clinic’s role as an economic engine was emphasized by Mihaljevic. Plus contributing $21.6 billion to Ohio’s economy in 2019.

Also, the clinic is spending $300 million to create the Cleveland Innovation District. Three major hospital systems and two universities will partner on research and create more jobs in a pact in a project to partially fund hundreds of millions of Ohio dollars.

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